Governed based on Peg Policy framework as per TGLD Documentation by @leostrategy.
As per another comment you made "where does yield come from" - LeoStrategy generates profits from Market Making the cross-chain instruments + Bridging revenue + sLEO staking USDC to generate recurring revenues that far exceed the yield obligations. @leostrategy's blog posts are a good place to learn.
I explained everything about TGLD presale in very simple terms. You should check out my post.
Understanding the TGLD presale in simple terms. @leo.voter